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Russia's biggest bank is building its own blockchain

Sberbank's planned blockchain will be compatible with Ethereum.

By Finst News
• 3 min read
Russia's biggest bank is building its own blockchain

Sberbank, Russia's largest financial institution, is working on its own blockchain that will be connected to Ethereum. This is stated in a related press release. Developers will be able to "transfer free smart contracts and projects between the bank's blockchain network and open blockchain networks," the company said.

Integration with the Metamask wallet

An "integration with the popular MetaMask wallet" is also planned. It continues: "Integration with the bank's information systems will enable payments in smart contracts using rubles." Alexander Nam, director of Sberbank's blockchain lab, is confident that "given the rapid development of Web3 platforms that support multiple blockchain protocols, there will be increasing demand for more blockchain protocols." Meanwhile, the Russian State Duma is working on a national crypto exchange.

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